FPA Multifamily has closed the disposition of Zen Diamond Valley Senior Living Apartments, a 177-unit community in Hemet, Calif. Investment Concepts paid $23.9 million for the asset. Institutional Property Advisors represented the seller.
The buyer financed the purchase with a $17.2 million Fannie Mae loan originated by Arbor Realty Trust, according to Riverside County records. The transaction is just one of many instances that underscore the strength of the senior housing industry, which is considered the gold standard for pandemic mitigation methods.
Zen Diamond Valley, previously known as Hillside Park, last traded in 2018 when FPA Multifamily paid $14.4 million for the independent living community, Yardi Matrix data shows.
The 12-building property spreads on nearly 5 acres at 1000 S. Gilbert St. and serves residents aged 55 and over. The 1983-built community features one- and two-bedroom apartments with floorplans averaging 454 square feet across the two-story buildings.
Community amenities include a clubhouse, a swimming pool, a spa, two laundry facilities and a barbecue area.
Zen Diamond Valley is within walking distance of numerous shopping and dining options, less than 2 miles from Seven Hills Golf Club Hemet and within 3 miles of Hemet Global Medical Center.
In July, another Inland Empire senior housing community changed hands for $18 million. The Mogharebi Group represented the seller, Crystal Asset Management, in the sale of the 79-unit property in San Bernardino, Calif.